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<br />Orange County Affordable Housing Bond Program <br />Semiannual Project Progress Report <br />Report period ending June 30, 2003 <br />Project Sponsor: Club Nova Apartments, LLC <br />Project Type: Rental <br />Income Targeting: Below 50% of area median income <br />Project Address: 103 West Main Street; Carrboro, NC <br />Program Accomplishments: <br />BOND AWARD HISTORY <br />This 24 unit project was awarded $300,000 in bond funds in May 2002. <br />Before the developer can complete the financing for this project, a decision on the provision of Project Based <br />Section 8 Vouchers for this project must be received by the Washington office of the U.S. Department of <br />Housing and Urban Development (HUD). This decision is expected at anytime. An application for project <br />based vouchers was submitted to HUD by the County in February 2003 and the developer and County staff <br />have been working since that time to answer all questions posed by HUD staff in order to receive a final <br />decision. <br />